Another possibility is that BOFI’s growth is not from stealing customers from brick and mortar banks as its cheerleaders claim but from swiping depositors from other online banks.Read more
The number of delinquent loan balances at BOFI doubled between June 30, 2014, and September 30, 2014, which indicates that the bank’s loan book could quickly melt down.Read more
Something else that is also obvious is that PayPal would be an acquisition target; purchasing it would give a large bank, retailer or credit card company access to a vast financial network and tens of millions of potential customers.Read more
Payment solutions like Apple Pay make Bank of Internet’s business model obsolete.
Despite its impressive revenue growth Bank of Internet is still a very small niche player.
Bank of Internet simply lacks the resources to challenge giant competitors like Bank of America.
By making banking at any institution more convenient Apple Pay poses a serious challenge to Bank of Internet.